The International Federation of Accountants (IFAC) has announced substantial updates to the IESs.
According to ESG News, these changes are set to embed sustainability analysis, reporting, and assurance competencies into the core curriculum for aspiring professional accountants. The revision aligns with a growing global demand for high-quality sustainability reporting and assurance capabilities in the finance sector.
IFAC Chief Executive Officer, Lee White, highlighted the importance of these updates. “These revisions ensure that professional accountants develop the right competencies to support high-quality sustainability reporting and assurance,” he stated. This strategic update includes a comprehensive integration of sustainability into all aspects of professional education for accountants, ensuring they are well-prepared to meet the challenges of modern financial ecosystems.
The updated standards now require accountants to develop specialized skills in sustainability assurance, reflecting the increasing importance of sustainability in financial reporting. Furthermore, the revisions extend beyond technical skills, introducing new competencies in strategic thinking and ethical decision-making tailored specifically to sustainability issues.
Additionally, IFAC has modernized IES 6 to introduce core principles of integrity and authenticity, revise equity standards, and provide updated guidance on conducting hybrid and remote assessments. These changes aim to ensure that accountants worldwide continue to be trusted experts, capable of delivering transparent and accurate sustainability-related information.
The expansion of explanatory materials will also support global adoption and implementation, facilitating a smoother transition for accountancy educators and students adapting to the revised standards.
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